Tromsø, Norway, 03[rd] May 2023 - ArcticZymes Technologies (OSE: AZT) reported
sales of NOK 31.2 million and an EBITDA of NOK 6.1 million for the first quarter
of 2023.

Highlights from Q1 2023

· ArcticZymes Technologies (AZT) had Q1 sales of NOK 31.2 million (Q1 2022:
NOK 49.2 million, NOK 35.2 million adjusted for Covid effects in Q1 2022)
· AZT had a positive EBITDA for Q1 of NOK 6.1 million, a reduction of NOK 21.8
million (Q1 2022: NOK 27.9 million, NOK 13.9 adjusted for Covid effects in Q1
2022)
· Operating expenses for Q1 were 25.1 million (Q1 2022: NOK 21.3 million).
· Cash flow for Q1 was negative NOK -11.7 million (Q1 2022: NOK 14.2 million),
impacted by reduction in payables, investments in intangibles, investment in
equipment and increase in inventory, giving a cash balance of NOK 232.5 million
(Q4 2022: NOK 244.2 million)
· Hired Coulter Partners to enable the search for new CEO
· Launched "ArcticZymes Proteinase HQ" and filed a patent application for a
novel nuclease enzyme for application in RNA therapeutics
· Significant progress on the Drug Master File (DMF) project. Successful in
-house GMP audit
· First large SAN HQ order from a leading, global CDMO

Chairman of the Board Marie Roskrow comments:

"Despite macro headwinds in the financial markets and orders being affected by
customer destocking, ArcticZymes has had a solid first quarter. As expected,
there were no covid-related sales but growth was seen (quarter-on-quarter) in
the molecular tools business with a flat performance in the biomanufacturing
space. We expect the effect of destocking to reduce in the second half of the
year and customer ordering patterns to normalize.

Significant progress has been made in the preparation of the Drug Master File
(DMF) for the SAN-HQ product and we are on track to file to the FDA at the end
of Q2."